Foxconn, Nvidia's biggest AI server maker, grew October revenue 45.7% but its AI segment slipped
October revenue hit a record NT$1.305 trillion, up 45.7 percent from a year earlier, but the cloud and networking segment that carries the AI servers fell slightly from September. The November 12 earnings call has to say whether that slip is accounting or demand.
Vincent Jiangtwo-minute read
On November 5, 2026 Hon Hai Precision Industry, the Taiwanese contract manufacturer the world knows as Foxconn−4.47% — Foxconn, down 4.47 percent today, filed October revenue of NT$1.305 trillion, about US$39.6 billion, up 45.73 percent from a year earlier and 12.66 percent from September 12. It was the second straight month above NT$1 trillion, and it landed well above the roughly 30 percent December-quarter growth analysts had expected 13. Ten-month revenue reached NT$8.98 trillion, up 40.40 percent 1. Because Foxconn is Nvidia's+3.65% — Nvidia, up 3.65 percent today biggest AI server maker, investors read the monthly print as a gauge for the entire AI buildout 34.
October revenue hit a record NT$1.31 trillion, 45.7% above last year
Data
| Monthly revenue | |
|---|---|
| Oct 2025 | NT$0.9T |
| Sep 2026 | NT$1.16T |
| Oct 2026 | NT$1.31T |
The footnote: the AI segment fell from September
Cloud and networking products, the segment that holds the AI servers and led the year-on-year growth, slipped slightly from September. Foxconn blamed changes in its consignment model, tight supply and the first ramp of new models 12. Consignment terms govern when a sale gets booked, so a change there can push reported revenue down while shipments hold.
The release quantifies nothing, and the segment is now half the company: 51 percent of second-quarter revenue, up from 48 percent in the first 46. Third-quarter revenue was NT$3.03 trillion, up 47 percent and 7 percent above consensus 3.
Liu says demand is booked; the stock does not
Chairman Young Liu, who met OpenAI$1.18T — OpenAI, private, latest valuation $1.18T chief Sam Altman on October 30 and flagged a coming collaboration, says there is no AI bubble and expects double-digit growth next year 4.
Capacity is fully booked for at least a year and a half; he puts Foxconn's AI server share at about 40 percent now, possibly 50 percent in two years, with AI infrastructure reaching 60 to 65 percent of revenue within five years on $3 billion to $5 billion a year of spending 5. His own caution: "Overinvestment will kill the company" 5. The stock is up about 2 percent in 2026 3.
Houston racks now face a Texas moratorium pledge
The servers are assembled in six Houston buildings doing rack and cluster integration, inside Taiwanese commitments above US$7 billion in Texas 48. Governor-elect Gina Hinojosa has pledged to halt new data-center approvals until the state legislature passes protections; she takes office on January 19, 2027, and the incumbent's audit freeze on approvals runs to December 7. If the missing revenue is in the order book, November 12 is a formality; if customers are slowing, October was the last easy print 2. The November report lands on December 5 2.
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More about NVIDIA
NVDAFiscal Q2 2027Revenue rose 106% to $96.2B, 92.5% of it from Data Center, “driven by the ramp of our Blackwell Ultra infrastructure”. Gains on equity stakes of $7.8B lifted net income to $59.7B.
Show as a table
| Line | Value |
|---|---|
| Revenue | $96.2B |
| Gross margin | 75.0% |
| Operating margin | 66.2% |
| Net income | $59.7B |
| Hyperscale | $48.7B |
| AI clouds & enterprise | $40.3B |
| Data Center | $89.0B |
| Edge Computing | $7.2B |
| Gross profit | $72.1B |
| Cost of revenue | $24.1B |
| Other income | $7.8B |
| Operating income | $63.7B |
| Operating expenses | $8.4B |
| Tax | $11.8B |
| R&D | $7.1B |
| SG&A | $1.4B |
